Aug 22 2018

Trade idea for the day

EURUSD: A negative divergence is seen in RSI 14 period on a hourly chart. Price actions are diverging against the indicator. Immediate support of 50 period EMA is at 1.1513.

Our Preference: – Sell at 1.1570

Target – 1.1520

Stop loss – 1.1590

GBPUSD: The pair seems to take a mild correction before inching higher again. RSI-14 period started diverging against the price action in over bought region on a hourly chart.

Our Preference: – Buy at 1.2880-90

Target – 1.2972

Stop loss – 1.2840

USDJPY: USDJPY is hovering close to its downward sloping trend-line resistance. Slow Stochastic is at 84 above 80 mark, that mean in a over-bought territory and the indicator is about to give bearish crossover.

Our Preference: – Sell at 110.42

Target – 110.00

Stop loss – 110.57